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Summer 2018 Austin Home Price Update

 
Friends and Clients,
Summer is here, which means the high season for real estate.
If you've been thinking of selling your home, you might be in for a golden moment.
But be aware it might not last long.
Let me explain why, with a few details of the current real estate market.
Right now, homes are selling in record time. This May, it took just 34 days for a home to go under contract, which broke last year's record of 36 days.
Home prices also continue to rise. In fact, they've been rising for six straight years, and for the past two years, this growth has been accelerating.
As a consequence, 27.6% of the homes sold in May sold above their listing price.
All this is due to a woefully short supply of homes on the market. In fact, the total supply of homes is 5.4% lower this year than the same time last year.
However, the real estate market might be on the cusp of change.
For one thing, mortgage rates have been rising, and now stand near their highest levels in seven years. As a result, pending home sales were down as of April.
More worryingly, a Redfin survey found a drop in customers touring homes for the first time ... more

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